Photo: George Doyle/Getty
China’s economy expanded at the slowest pace since the financial crisis began during the second quarter, improving at an annualized rate of 7.6 per cent, the National Bureau of Statistics said today.
Just three months earlier, China’s economy expanded at an annual pace of 8.1 per cent.
Here are the key figures from the report:
Real GDP (YoY): +7.6%
Real GDP (QoQ): +1.8%
Industrial Production (YoY): +9.5%
Retail Sales (YoY): +13.7%
While the year-on-year figure missed expectations slightly, sequential data showed some strength, beating projections by 20 basis points at a 1.8 per cent gain.
“In the first half of 2012, faced with the complicated and volatile economic environment at home and abroad, the CPC Central Committee and the State Council committed to the general tone of progressing steadily,” a spokesperson for the National Bureau of Statistics said.
Asian markets are mostly higher on the report, particularly after both industrial production and retail sales remained near previous readings; economists had been expecting a moderate pullback in both figures.
China’s Shanghai Stock Exchange is up more than 0.5 per cent, reversing an earlier marginal decline.
Minutes away from the key economic announcement of the night: Chinese second quarter GDP.
Here are the key numbers the street is looking for:
Real GDP (YoY): +7.7 per cent
Real GDP (QoQ): +1.6 per cent
Industrial Production (YoY): +9.8 per cent
Retail Sales (YoY): +13.4 per cent
The announcement is expected at 10:00 p.m. ET.